Gold Is Surging

The knee-jerk market reaction to today's unexpected contraction
in fourth-quarter U.S. GDP was selling. Risk assets dropped
immediately on the release, and gold, Treasuries, and the U.S.
dollar spiked higher.

Now, risk assets are recovering their losses, and bonds and
dollars are going back down.

Gold, however, keeps going higher. It topped out at $1682 and is
trading just above $1680 right now. It was trading around $1665
before the GDP announcement at 8:30 AM.

Now, it's up 1.1 percent on the day after struggling in the past
few sessions (click to enlarge):